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حسابداری و مالی::
تبدیلکردن به اوراقبهادار
In early 2014, the bogeymen of the 2008 crisis - securitisation and the originate-and-distribute model - were once again being promoted as the solution to the lacklustre growth in developed markets.
The Economist reported "Back from the dead: the return of securitisation", referring to the three-letter abbreviations - ABS (assetbacked securities), CDOs (collateralised debt obligations) and other forms of repackaged debt backed with once considered risk-free triple-A rated assets as collateral - that had become demon words.
Shortly after the start of Basel II, it was realised that there was rampant regulatory arbitrage and that RWA encouraged securitisation and other innovations to shift high-risk exposures off balance sheet to reduce capital requirements.
However, this can result in complex structures, involving multiple levels of securitisation and distribution of risks that end up in the shadow banking sector.
Given the problems of securitisation and the originate-and-distribute model of business, risk transfer has gained a bad reputation since the 2008 crisis.
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